Gold rates in India gained by Rs. 430/10 grams today, on November 16, prices fell marginally yesterday. Today in India, 22 carat gold rates are quoted at Rs. 48,360/10 grams and 24 carat gold rates are quoted at Rs. 49,360/10 grams. In major cities like Delhi and Hyderabad, Bangalore, and Kerala, gold rates have hiked by Rs. 250-400 / 10 grams today.
The Comex gold December futures gained by 0.39% and were quoted at $1873.8/oz, while the spot gold prices hiked by 0.65%, and were quoted at $1875/oz till last traded. Yesterday Comex December gold futures closed at $1866/oz. On the other hand, the US dollar index in the spot market stood at 95.49, dropping by 0.04%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also gained by 0.42%, and was quoted at Rs. 49,504/10 grams, till last traded.
Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|
Inflation is the key driver of gold rates now in the international markets. Gold is a hedge against inflation and the rise of the precious metal is rising. E. B. Tucker, Director of Metalla Royalty and author of “Why Gold, Why Now?” told Kitco News, “6% is only the beginning. It’s going to go much higher, it’s not transient. None of these people are going to lower prices, this is here to stay.”
Supply-chain bottlenecks are hiking the inflation rate in the USA, while consumer demand is improving, with monetary support by the US Fed. Wages of the employees are rising too, but the pace of growth is not impressive. It is getting challenging for the Fed to control the inflation rate because they do not want to hike the interest rate. So, gold rates, along with other assets are rising globally, which is impacting Indian markets similarly.
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Story first published: Tuesday, November 16, 2021, 15:01 [IST]
Original news source Credit: www.goodreturns.in